Patriot Coal Files For Chapter 11 Bankruptcy

Coal demand is at its lowest in more than two decades. That's, in part, because of milder winters and a shift to cheaper natural gas. Coal companies are also facing tough new rules proposals from the Environmental Protection Agency for building new coal-fired power plants. Shares for most coal producers have taken a big hit because of these factors and the slow global economy.

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The combination has led to bankruptcy for Patriot Coal. The company filed for Chapter 11 protection in Manhattan yesterday. Patriot has a dozen active mining complexes in Appalachia and the Illinois Basin. Earlier in the year, the company laid off a thousand employees and scaled back production.